Global private equity firm TPG has named senior partner Tim Dattels as co-head of its Asian operations as it finalizes fundraising for a $3 billion fund, the sixth dedicated to the region, according to people familiar with the matter.

Mr. Dattels, who will relocate to Hong Kong from San Francisco in the new year, is a former partner of Goldman Sachs Group Inc., and was formerly the Wall Street bank’s head of investment banking in Asia.

Mr. Dattels replaces managing partner Stephen Peel, who oversaw TPG’s activities in China and India. Mr. Peel will turn his focus to emerging markets outside of Asia, and eventually relocate to London from Hong Kong, the people said.

Mr. Dattels’s co-head in the region is managing partner Ben Gray, who is based in Singapore and heads the buyout firm’s activities in Australia, Japan, Korea and Southeast Asia. Under the new leadership structure, Mr. Dattels and Mr. Gray will lead the entire region.

The reshuffle caps off a busy period for TPG in Asia. Earlier Thursday, TPG Growth sold Mammoth Pet Holdings Pty Ltd., which owns 124 Petbarn and Animates stores across Australia and New Zealand, to Greencross Ltd..

TPG expects to close the $3 billion fund in the first quarter of 2014, one of the people said. That’s $1 billion shy of its original $4 billion target, and smaller than TPG’s $4.25 billion fifth fund which was raised in 2008.